Lagos makes N10.2bn from land transactions in 1 year

A total of 2,321 Certificates of Occupancy were successfully processed in the last one year.

The Lagos State Government on Wednesday said it generated N10.275 billion from land transactions in the last one year.

The Permanent Secretary, State Lands Bureau, Hakeem Muri-Okunola, disclosed this in Ikeja at a news conference to mark Governor Babatunde Fashola’s sixth year in office.

Mr. Muri-Okunola said that the figure was 6.6 per cent lower than the N11billion recorded in the corresponding period last year and blamed the situation on the global financial crisis.

He said the bureau had mapped out strategies to record more revenue by the end of this year and also promised better service delivery.

He said a total of 2,321 Certificates of Occupancy (C of O) were successfully processed in the last one year.

Mr. Muri-Okunola said that the government had concluded arrangement to start issuing the C of O electronically from August to ease processing and issuance

He urged residents who had acquired their property before the advent of the Land Use Act in 1978 to regularise titles to such property and ensure they had the right legal titles on them.

The permanent secretary decried the rising cases of encroachment on government`s lands by some residents.

“Some residents and communities, with their traditional rulers, engage in illegal sale of some government`s acquired land, especially in areas like Magodo, Igbogbo, among others.

“Members of the public are advised not patronise criminal land speculators as all infringements by way of erecting illegal structures on government`s land would be dealt with,” he said.

He said that the bureau had developed a number of new land schemes in Lekki, Ikorodu and other areas.

The permanent secretary said the state government paid N2.56 billion compensation to residents whose properties were affected by ongoing projects during the period under review.

Mr. Muri-Okunola said the beneficiaries were those who lost their property to projects such as expansion of Lagos-Badagry Expressway, Lekki Epe Expressway, and expansion work on Ago-Palace way in Isolo.

He said that government had also allocated land in certain cases to individuals who opted for this option in lieu of monetary compensation.

“In the remainder of this current year, compensation of at least N5billion will also be paid to those affected by the Ikorodu Road expansion, the Lekki Airport project and the Resettlement project for the Free Trade Zone.

“Also, those affected by construction work on Lagos-Badagry expressway and Okota Link Bridge will benefit.

“The property were acquired for public good and as a responsible government we are paying compensation to ensure owners do not suffer from this,” he said.

(NAN)